Hello everyone, it's been a while since I last posted something.
I usually deal with long term TA & FA stuff, but since this BTC bear market is taking forever to end, I thought I'd share a few of my altcoins trades.
My view on the crypto market has not changed, and my analysis can be read in the link below.
Anyway, here's my chart for ALGO. We have a clean pattern to trade : breakout from a triangle compression, confirmed by 2 factors. I need at least 1 objective factor after a pattern breakout. My objective factors include A) higher higs / lower lows, B) clear volume shifts and C) relevant MAs. All other factors I consider subjective (RSI, MACD...).
My 2 factors for ALGO are :
1) Great response from the RSI : bounced off the neutral line and straight out of the neutral zone.
2) Broke out from MA200, which has proven to be THE level for ALGO.
NOTE : The trade setup shown here (TP & SL) is just an idea, this is not how I trade (I use manual stop losses below important demand zones). partial TP should be applied along the way.
Voila.
Please leave a comment & a like, trust me it's way faster than writing an analysis :)
Tell me if you'd like me to share more altcoins trades or if my usual content is enough for you.
Cheers, Harry.
I usually deal with long term TA & FA stuff, but since this BTC bear market is taking forever to end, I thought I'd share a few of my altcoins trades.
My view on the crypto market has not changed, and my analysis can be read in the link below.
Anyway, here's my chart for ALGO. We have a clean pattern to trade : breakout from a triangle compression, confirmed by 2 factors. I need at least 1 objective factor after a pattern breakout. My objective factors include A) higher higs / lower lows, B) clear volume shifts and C) relevant MAs. All other factors I consider subjective (RSI, MACD...).
My 2 factors for ALGO are :
1) Great response from the RSI : bounced off the neutral line and straight out of the neutral zone.
2) Broke out from MA200, which has proven to be THE level for ALGO.
NOTE : The trade setup shown here (TP & SL) is just an idea, this is not how I trade (I use manual stop losses below important demand zones). partial TP should be applied along the way.
Voila.
Please leave a comment & a like, trust me it's way faster than writing an analysis :)
Tell me if you'd like me to share more altcoins trades or if my usual content is enough for you.
Cheers, Harry.
Order cancelled:
12h Candle did not close above trendline to confirm the breakout.
Anyway it looks safer to exit the altcoin market for now.
Anyway it looks safer to exit the altcoin market for now.
Comment:
I don't plan on trading this as long as I have a bearish bias on BTC, but I just realized how interesting the MAs are here (50-100-200). No need for trendlines :)
The compression is real and a breakout to the upside could be interesting.
The compression is real and a breakout to the upside could be interesting.
Additional chart to show how relevant MA200 has been up to now.